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Tuesday, October 30, 2012

The Mormon Church Is Mitt Romney's (Tax) Umbrella

Posted by on Tue, Oct 30, 2012 at 8:03 AM

This story from Bloomberg reminds us that we still have plenty of unanswered questions about Mitt Romney's taxes:

In 1997, Congress cracked down on a popular tax shelter that allowed rich people to take advantage of the exempt status of charities without actually giving away much money.

Individuals who had already set up these vehicles were allowed to keep them. That included Mitt Romney, then the chief executive officer of Bain Capital, who had just established such an arrangement in June 1996.

Go read the whole thing. Here's the gist: For years now, Romney has basically been renting the tax-exempt status from his church.

 

Comments (11) RSS

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1
"...is one of several strategies Romney has adopted over his career to reduce his tax bill. Romney’s tax avoidance is legal and common...."
Posted by You Got Nothing. Bitch. on October 30, 2012 at 8:34 AM · Report this
matt 2
@1 Is a jerk who thinks "technically getting away with it" means "you got nothing, bitch." Eff you, @1.

Meanwhile, I really hope this becomes a non-issue in a week.
Posted by matt on October 30, 2012 at 8:44 AM · Report this
Urgutha Forka 3
That's American style capitalism:
The richer you are, the richer you get. The poorer you are, the poorer you get.

Banks, the stock market, real estate... all have ROI and paybacks that only the super wealthy can ever get, becauase they're the only ones who can afford the upfront investment. The poor can never get an interest rate as high as the rich; thus, the gap between the two will forever grow wider.

People like @1 are smug, self-serving motherfuckers who pat themselves on the back for their greed and take pride in the passage of laws - by the rich, for the rich - that rape the poor.
Posted by Urgutha Forka on October 30, 2012 at 8:54 AM · Report this
4
Bush the second had that cattle ranch as a massive tax write off. Bullshit agricultural ventures (usually ranches, because they're manly I guess) are another common and very visible tax loophole exploited by the rich. He didn't go to any trouble to hide that one, because no one voting for him would hold paying the absolute least amount of taxes possible against him. And they won't hold this against Romney.
Posted by gnot on October 30, 2012 at 9:01 AM · Report this
5
I thank Mayor Bloomberg for digging this one out of the records. No one else was doing it, even though everyone knew Romney's taxes are hinky.
Posted by originalcinner on October 30, 2012 at 9:04 AM · Report this
Rob in Baltimore 6
When Rmoney campaigns on cutting tax loopholes, this seems even more sleazy. He has no intention of really doing away with them.
Posted by Rob in Baltimore http://www.wishbookweb.com/ on October 30, 2012 at 9:25 AM · Report this
flotard 7
It is probably time in this country to exercise the separation of church and state by having organized religion be free market and not tax exempt. There is an awful lot of real estate and investments in church hands that we are all subsidizing by providing government services at no charge.
Posted by flotard on October 30, 2012 at 9:28 AM · Report this
8
2
3

oh, we try...

but it is difficult to match the smugness of the 47% that pays ZERO Federal Income Taxes but clamors for Tax "Fairness"; meaning that the half that pays taxes must pay MORE......
Posted by Fuck Yourselves, Bitches on October 30, 2012 at 9:59 AM · Report this
9
@6
"He has no intention of really doing away with them."

Ditto.
He won't release his tax returns so that the public can SEE how much money can be sheltered.
He certainly won't close any of the loopholes he is using.
I'd expect more loopholes as he tries to move more money through the generations of his family.
Posted by fairly.unbalanced on October 30, 2012 at 10:05 AM · Report this
Will in Seattle 10
@6 is correct.

As is @9.
Posted by Will in Seattle http://www.facebook.com/WillSeattle on October 30, 2012 at 11:22 AM · Report this
venomlash 11
@8: How dare those moochers in the red states leech off the prosperity of the blue states... http://taxfoundation.org/sites/taxfounda… http://farm4.static.flickr.com/3041/2987…
Posted by venomlash on October 30, 2012 at 1:12 PM · Report this

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